MIRA INFORM REPORT
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Report Date : |
16.07.2011 |
IDENTIFICATION DETAILS
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Name : |
FUTURE GENERALI INDIA LIFE INSURANCE COMPANY LIMITED |
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Registered
Office : |
001, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.10.2006 |
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Com. Reg. No.: |
11-165288 |
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Paid-up Capital
: |
Rs. 7020.000 Millions |
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CIN No.: [Company Identification
No.] |
U66010MH2006PLC165288 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF04761B |
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PAN No.: [Permanent Account No.] |
AABCF0190Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Providing Insurance and Financial Services |
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No. of Employees
: |
Information not divulged by management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 30000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. It is a
joint venture between The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made on
established-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DENIED BY
|
Name : |
Mr. Uttampati |
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Designation : |
Accounts Manager |
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Date : |
15.07.2011 |
LOCATIONS
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Registered Office : |
001, |
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Tel. No.: |
91-22-40976913/40976666 |
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Fax No.: |
91-22-40976600 |
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E-Mail : |
group.quotes@futuregenerali.in |
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Website : |
DIRECTORS
As On 03.08.2010
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Name : |
Mr. Kishore Laxminarayan Biyani |
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Designation : |
Director |
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Address : |
406, Jeevan Vihar, |
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Date of Appointment : |
16.03.2007 |
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DIN No. : |
00005740 |
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Name : |
Mr. Vijay Laxminarayan Biyani |
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Designation : |
Director |
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Address : |
305, Jeevan Vihar, Manav Mandir Road, Malbar Hill, Mumbai – 400006, |
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Date of Appointment : |
16.03.2007 |
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DIN No. : |
00005827 |
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Name : |
Mr. Krishan Kant Rathi |
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Designation : |
Director |
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Address : |
B – 72, Dakshina Park, N. S. Road, 10, JVPD Scheme, Andheri (W),
Mumbai – 400049, Maharashtra, India |
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Date of Appointment : |
30.10.2006 |
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DIN No. : |
00040094 |
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Name : |
Mr. Ghyanendra Nath Bajpal |
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Designation : |
Chairman |
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Address : |
131 Shaan Apartment, K D Marg, Prabhadevi, Mumbai – 400028, |
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Date of Appointment : |
16.03.2007 |
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DIN No. : |
00946138 |
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Name : |
Mr. Roberto Gasso |
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Designation : |
Director |
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Address : |
Devincina 21c,
3401 0 Sgonico, |
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Date of Appointment : |
05.09.2007 |
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DIN No. : |
01629060 |
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Name : |
Mr. Sergio Balbinot |
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Designation : |
Director |
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Address : |
Via Degli Aplini 109/1, Opicina I – 34016, |
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Date of Appointment : |
05.09.2007 |
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DIN No. : |
01629245 |
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Name : |
Mr. Deepak Sood |
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Designation : |
Managing Director and CEO |
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Address : |
1903-04, A-Wing,
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Date of Birth/Age : |
27.10.1964 |
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Date of Appointment : |
22.09.2009 |
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DIN No. : |
01642332 |
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Name : |
Mr. Ooi Kim Chai |
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Designation : |
Director |
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Address : |
A-33-4 |
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Date of Appointment : |
12.08.2008 |
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DIN No. : |
01701888 |
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Name : |
Mr. Jayant Dewan Khosla |
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Designation : |
Managing Director and CEO |
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Address : |
102, Flora Bldg,
I 3th Road, Khar (W), Mumbai -400 052, Maharashtra, India |
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Date of Appointment : |
12.08.2008 |
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Date of Cessation : |
21.09.2009 |
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DIN No. : |
02276497 |
KEY EXECUTIVES
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Name : |
Mr. Madan Gopal Banarasilal Jalan |
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Designation : |
Company Secretary |
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Address : |
1801 C Tower,
Oberoi Woods, Off Western Express Highway, Jogeshwari East, Mumbai – 400063,
Maharashtra, India |
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Date of Appointment : |
14.01.2008 |
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Pan No. : |
AAMPJ8450B |
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Name : |
Mr. Anish Gupta |
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Designation : |
Company Secretary |
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Name : |
Mr. Uttampati |
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Designation : |
Accounts Manager |
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Name : |
Mr. G N Agarwal |
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Designation : |
Chief Acutuary and Chief Risk Officer |
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Name : |
Mr. Nirakar Pradhan |
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Designation : |
Chief Investment Officer |
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Name : |
Mr. Arnab Malik |
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Designation : |
Chief Marketing Officer |
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Name : |
Mr. Anup Chandak |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Rajeev Shirodkar |
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Designation : |
CIO |
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Name : |
Mr. Madan Jain |
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Designation : |
Company Secretary and Legal Head |
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Name : |
Mr. Balram Sharma |
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Designation : |
Chief Operations |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 03.08.2010
|
Names of Shareholders |
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No. of Shares |
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Pantaloon Retail ( |
|
210884994 |
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Pantaloon Retail ( |
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1 |
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Pantaloon Retail ( |
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1 |
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Pantaloon Retail ( |
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1 |
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Pantaloon Retail ( |
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1 |
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Pantaloon Retail ( |
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1 |
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Pantaloon Retail ( |
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1 |
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Sain Advisory Services Private Limited – |
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405230000 |
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Participatie Maatschappij Graafsschap Holland NV – |
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210885000 |
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Total |
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827000000 |
As On 09.09.2010
|
List of Allottees |
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No. of Shares |
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Pantaloon Retail ( |
|
25500000 |
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Participatie Maatschappij Graafsschap Holland NV – |
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25500000 |
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Sain Advisory Services Private Limited – |
|
49000000 |
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Total |
|
100000000 |
As On 03.08.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
25.50 |
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Bodies corporate |
|
74.50 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Insurance and Financial Services |
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GENERAL INFORMATION
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No. of Employees : |
Information not
divulged by management |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Singhi and Company Chartered Accountant |
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Address : |
101, Turn Estate, |
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Pan No.: |
AAWFS9204N |
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Name : |
Lovelock and Lewes Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, |
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Pan No.: |
AABFL5878L |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10000.000 Millions |
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Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
702000000 |
Equity Shares |
Rs. 10/- each |
Rs. 7020.000 Millions |
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Subscribed Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
702000000 |
Equity Shares |
Rs. 10/- each |
Rs. 7020.000 Millions |
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Called up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
702000000 |
Equity Shares |
Rs. 10/- each |
Rs. 7020.000 Millions |
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As On 03.08.2010
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10000.000 Millions |
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Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
927000000 |
Equity Shares |
Rs. 10/- each |
Rs. 9270.000 Millions |
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Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
827000000 |
Equity Shares |
Rs. 10/- each |
Rs. 8270.000 Millions |
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|
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After 03.08.2010
Authorised Capital: Rs. 20000.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 10520.000 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
Share Capital |
7020.000 |
4685.000 |
1850.000 |
|
|
Share Application Money Pending Allotment |
625.750 |
340.425 |
0.000 |
|
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
Credit/(Debit)/ Fair Value Change Account |
(0.583) |
0.305 |
0.000 |
|
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Sub-Total |
7645.167 |
5025.730 |
1850.000 |
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Policyholders Funds |
|
|
|
|
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Credit/(Debit)/ Fair Value Change Account |
0.000 |
0.120 |
0.000 |
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Policy Liabilities |
1888.353 |
321.729 |
8.022 |
|
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Insurance Reserves |
0.000 |
0.000 |
0.000 |
|
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Provision for Linked Liabilities |
2783.760 |
847.105 |
0.000 |
|
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Sub-Total |
4672.113 |
1168.954 |
8.022 |
|
|
|
|
|
|
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Funds for Future Appropriations |
|
|
|
|
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Reserve for Lapsed Unit-Linked Policies |
219.015 |
0.037 |
0.000 |
|
|
TOTAL |
12536.295 |
6194.721 |
1858.022 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
Investments |
|
|
|
|
|
Shareholders |
1020.193 |
1527.879 |
1295.864 |
|
|
Policyholders |
1901.944 |
307.858 |
20.056 |
|
|
Assets held to cover Linked Liabilities |
3002.775 |
847.142 |
0.000 |
|
|
|
|
|
|
|
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Fixed Assets |
75.328 |
791.383 |
131.536 |
|
|
|
|
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CURRENT ASSETS |
|
|
|
|
|
|
Cash & Bank Balances |
525.410
|
222.432 |
113.872 |
|
|
Advances and Other Assets |
643.681
|
408.791 |
100.331 |
|
Sub-Total
(A) |
1169.091
|
631.223 |
214.203 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
598.765
|
520.159 |
0.000 |
|
|
Other Current Liabilities |
470.662
|
268.376 |
136.122 |
|
|
Provisions |
27.781
|
17.754 |
3.669 |
|
Sub-Total
(B) |
1097.208
|
806.289 |
139.791 |
|
|
Net Current Assets (A – B) |
71.883
|
(175.066) |
74.412 |
|
|
|
|
|
|
|
|
Debit Balance in profit and Loss Account |
6464.172 |
2895.525 |
336.154 |
|
|
|
|
|
|
|
|
TOTAL |
12536.295 |
6194.721 |
1858.022 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
New Business Premium written |
|
|
|
|
|
Individual |
4543.077 |
1354.770 |
|
|
|
Group |
317.679 |
144.883 |
|
|
|
Renewal Premium |
554.375 |
26.389 |
|
|
|
Total |
5415.131 |
1526.042 |
|
|
|
Income from investment |
647.487 |
148.292 |
|
|
|
Claims during the Year (net) |
139.793 |
21.982 |
|
|
|
Contribution to Policyholders A/C |
3683.707 |
2634.072 |
NA |
|
|
Profit / (Loss)
Before Tax |
(3568.467) |
(2546.144) |
|
|
|
|
|
|
|
|
Less |
Provision for
taxation |
|
|
|
|
|
- Provision for
tax for earlier years |
0.180 |
0.000 |
|
|
|
- Provision for
Fringe Benefit Tax |
0.000 |
13.227 |
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(3568.647) |
(2559.371) |
|
|
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(286.76) |
(179.91) |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.47)
|
(0.51) |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.14
|
0.16 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.07
|
0.78 |
1.53 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs. In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
598.765
|
520.159 |
NA |
Operations:
Business Review:
During the year,
the company has written gross premium of INR Rs. 5415.131 millions against Rs
1526.042 millions in the previous year, registering a growth of 255 % over the
previous year.
Future Outlook
The Company has
moved to 15th position in terms of New Business Premium as compared
to 17th position in the last year in terms of both APE and NBP out
of the total 22 players (March 2010 ranking) and has out performed other
private players in the insurance sector in terms of 2nd full Year of
operations the Company. The Company will focus on increasing the distribution
capability and enhancing productivity by realigning the current branch
structure, categorization of current branches, expansion through spokes,
recruitment and activation of advisors, build strong team and improve the
existing productivity and mapping market productivity. The Company will also
open 130 new spoke locations and branches would be categorized depending upon
market potential and branch performance. Metros will command different
strategy. Mumbai and
Fixed Assets:
- Software
- Leasehold
Improvements
- Furniture and
Fittings
- Information
Technology Equipment
- Office equipment
- Vehicles
AS PER WEB SITE DETAILS:
PROFILE:
ABOUT THE COMPANY:
Subject is a joint venture between the India-based Future Group and the
Italy-based Generali Group.
Subject is present in
FUTURE GROUP
Future Group, led by its founder and Group CEO, Mr. Kishore Biyani, is
one of
Led by its flagship enterprise, Pantaloon Retail, the group operates
over 12 million square feet of retail space in 71 cities and towns and 65 rural
locations across
The group’s specialty retail formats include sportswear retailer, Planet
Sports, electronics retailer, eZone, home improvement chain,
Future Capital Holdings, the group’s financial arm, provides investment
advisory to assets worth over $1 billion that are being invested in consumer
brands and companies, real estate, hotels and logistics. It also operates a
consumer finance arm with branches in 150 locations.
Other group companies include, Future Generali, the group’s insurance
venture in partnership with Italy’s Generali Group, Future Brands, a brand
development and IPR company, Future Logistics, providing logistics and
distribution solutions to group companies and business partners and Future
Media, a retail media initiative.
The group’s presence in Leisure and Entertainment segment is led
through, Mumbai-based listed company Galaxy Entertainment Limited. Galaxy
leading leisure chains, Sports Bar and Bowling Company and family entertainment
centres, F123. Through its partner company, Blue Foods the group operates
around 100 restaurants and food courts through brands like Bombay Blues,
Spaghetti Kitchen, Noodle Bar, The Spoon, Copper Chimney and Gelato.
Future Group’s joint venture partners include, US-based stationery
products retailers, Staples and Middle East-based Axiom Communications.Future
Group believes in developing strong insights on Indian consumers and building
businesses based on Indian ideas, as espoused in the group’s core value of
‘Indianness.’ The group’s corporate credo is, ‘Rewrite rules, Retain values.’
THE GENERALI GROUP
The Generali Group is a leading player in the global insurance and
financial markets. Established in
The Group strategy aims to consolidate Generali’s pre-eminence on its
key markets and achieve a premier position on markets with high growth
potential, establishing its leadership in profitability.
IDENTITY CARD
Since its establishment, the Generali Group has always held a reputation
for its capital and financial strength. Its solidity derives from prudent
investment management and a focus on achieving a correct match between risk and
medium/long-term profitability.
- Generali
Group is one of the leading insurance groups in
- It is present
in 68 countries
- It has 70
million clients worldwide
- It has 85,322
employees (15,956 in
- It has over €
400 billion of assets under management
- High rating assigned
by the international rating agencies:
-
A.M. BEST: A+ STABLE
-
Standard and Poor’s: AA- STABLE
-
Fitch Ibca: AA- NEGATIVE
-
Moody’s: Aa3 STABLE
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.53 |
|
|
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.62.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.